Dee Why stakes claim as ‘development central’
Dee Why is becoming ‘unit central’ with almost 700 new units approved for the suburb and hundreds more planned.
The latest site to come to market is a prominent corner property with potential for 35 units or offices. Locals would know the site as the former Subway store at 874 Pittwater Rd.
Records show that the site traded in August 2014 for $5.1 million. It is now for sale with expressions of interest.
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An aerial view of 874 Pittwater Rd, Dee Why.
Agent Michael Burgio, of Novak Property, says the 505sqm freestanding building has some of the busiest foot traffic in the suburb, consists of five shops and two offices and is next to the Lighthouse development, which is currently under construction and which will be 17 storeys high.
The latest block has the potential for up to 35 apartments or an office tower.
Burgio says the location lends itself to a seven-storey office block with retail on the ground floor, maybe a gym on the first floor and a kindergarten or childcare centre upstairs.
“You don’t see that type of development on the northern beaches but in that spot there would be high demand for offices,” he says.
He adds that with the suburb in such flux with so many sites being developed, there is big demand from businesses for stable long-term leases.
The largest development in Dee Why is The Lighthouse, with 485 units, a childcare centre, banks and a new Woolworths.
“I have tenants looking to rent quality premises but they five to 10-year leases. They want security if they are going to outlay a $100,000 fitout, however landowners are not going past three-year leases at the moment and there are many month to month casual lettings,” he said.
The block has a 17m frontage onto Pittwater Rd and 36m frontage onto Oaks Ave, Dee Why.
Currently there are 9500 units in Dee Why but hundreds more are being built.
A model of the Osprey apartments being built in Pittwater Rd, Dee Why.
This year The Osprey at 635 Pittwater Rd is due for completion with 125 units coming online.
The Carlyle, also in Pittwater Rd, is also due for completion this year and consists of 87 units.
The major project, The Lighthouse, in Howard Ave is on track to be finished next year and includes 351 apartments.
An artist’s impression of inside The Carlyle, at 697 Pittwater Rd Dee Why where 87 units are being built.
In addition, a development site in Fisher Rd has development approval for 94 units and it is believed the owners of a central site in Dee Why are in talks with the council for at least 150 new units.
Northern Beaches Council has been working on a Dee Why town centre masterplan since 2013, improving public space, creating parks and pedestrian plazas, adding parking and improving streetscapes.
According to CoreLogic RP Data there have been 527 units sales in the last 12 months with the median price of $870,000 up 15.3% over the year.
This article from the Manly Daily was originally published as “Hundreds of units for Dee Why plus another prominent site sale”.
